Net spreads in hunt for missing Parmalat billions

0 Comments | AFP, December, 2003

ROME (AFP) — The net spread in the hunt for billions of euros (dollars) missing from failed Italian food giant Parmalat with seven arrests in a scandal which US experts say is one of the biggest frauds in history.

In the fast-moving multinational drama, Italian police arrested senior finance, accounting and legal executives assciated with the group and magistrates issued a warrant against the head of Parmalat in Venezuela.

Meanwhile, US securities inspectors arrived in Italy and magistrates summoned San Paoli Imi bank president Rainer Masera for questioning.

Masera was questioned as someone "with knowledge of the facts", a status which does not mean that he is being investigated. San Paoli Imi is one of the biggest banking groups in Italy.

Sources...